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Saturday, May 25, 2024

Oil service firm cuts up to 300 jobs

The effects of lower oil prices continue to be felt in Norway, with oil services firm MH Wirth cutting its staff by between 200 and 300 people in Norway alone. Both full-time employees and workers hired on short-term contracts are losing their jobs.

The company is the largest unit within Akastor, which specializes in drilling technology and was spun off from Aker Solutions last year. It intends to cut up to 750 jobs worldwide because of an abrupt decline in the number of drilling jobs coming in following a crash in the rig market.

Newspaper Dagens Næringsliv (DN) reported that MH Wirth is currently supplying drilling packages to seven drilling ships now under construction for the Brazilian company Sete. It has become embroiled in a corruption case, however, and analysts worry that some of the vessel orders may be cancelled and that trouble may loom over payment. Akastor officials have claimed there is no reason for their worry.

MH Wirth had a total of around 1,800 employees in Norway and 4,200 worldwide before the cuts were announced. staff



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